Updated Oct 29, 2024
B2K Development Sells Retail Property In Somerset For $7.1M With Buyer's Rep Michael Lombardi & Seller's Rep Michael Tuccillo - Marcus & Millichap
1850 Easton Avenue
$7,065,217
$1,246/SF
Building Size
5,670 SF
Asset Type
Retail
Closing
Feb 23, 2023
About this deal
AI
The retail property located at 1850 Easton Avenue in Somerset has been sold in a recent transaction. The property spans 5,670 square feet and was sold for a total price of $7,065,217, resulting in a price per square foot of $1,246. The sale was facilitated by Michael Tuccillo and Matthew Klang from Marcus & Millichap, representing the seller B2K Development, and Michael Lombardi from Horvath & Tremblay, who acted as the buyer's representative.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $7,065,217
- Address: 1850 Easton Avenue, Somerset
- Square Footage: 5,670
- Price Per Square Foot: $1,246
- Seller: B2K Development
- Seller's Representative: Michael Tuccillo & Matthew Klang - Marcus & Millichap
- Buyer's Representative: Michael Lombardi - Horvath & Tremblay
The involvement of Michael Lombardi from Horvath & Tremblay and Michael Tuccillo and Matthew Klang from Marcus & Millichap played a pivotal role in this transaction. The representatives ensured a successful deal between the seller, B2K Development, and the buyer. The retail property at 1850 Easton Avenue offers significant investment potential in the Somerset market.
On the Map
$7,065,217
$1,246/SF
Retail
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Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.25%
Cash-on-Cash
-0.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93